1ST Source Bank held its position in Corning Inc. (NYSE:GLW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,000 shares of the company’s stock at the end of the second quarter. 1ST Source Bank’s holdings in Corning were worth $246,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Adage Capital Partners GP L.L.C. boosted its position in Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock valued at $49,806,000 after buying an additional 1,360,200 shares in the last quarter. Bank of Montreal Can acquired a new position in Corning during the second quarter valued at $18,716,000. Kiltearn Partners LLP boosted its position in Corning by 10.1% in the first quarter. Kiltearn Partners LLP now owns 8,401,700 shares of the company’s stock valued at $175,512,000 after buying an additional 768,500 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Corning by 50.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,937,019 shares of the company’s stock valued at $40,464,000 after buying an additional 651,810 shares in the last quarter. Finally, Mizuho Securities USA Inc. acquired a new position in Corning during the second quarter valued at $7,135,000. 73.65% of the stock is owned by institutional investors and hedge funds.
Corning Inc. (NYSE:GLW) traded up 1.15% on Tuesday, hitting $23.70. The stock had a trading volume of 3,617,599 shares. The firm has a market capitalization of $24.57 billion, a price-to-earnings ratio of 13.06 and a beta of 1.33. The company’s 50 day moving average is $23.09 and its 200-day moving average is $21.36. Corning Inc. has a 1-year low of $16.13 and a 1-year high of $23.96.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. On average, analysts forecast that Corning Inc. will post $1.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be given a $0.135 dividend. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.30%. Corning’s payout ratio is 29.51%.
GLW has been the topic of several research reports. Citigroup Inc. initiated coverage on Corning in a research note on Monday, June 20th. They set a “buy” rating and a $23.00 price target on the stock. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price target on the stock in a research note on Monday, June 27th. Goldman Sachs Group Inc. upgraded Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price target on the stock in a research note on Thursday, July 7th. Bank of America Corp. restated a “sell” rating and set a $17.50 price target on shares of Corning in a research note on Wednesday, September 21st. Finally, Susquehanna restated a “positive” rating and set a $27.00 price target (up from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. Corning currently has an average rating of “Hold” and an average target price of C$21.98.
In other news, Vice Chairman Lawrence D. Mcrae sold 57,333 shares of Corning stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of C$22.26, for a total value of C$1,276,232.58. Following the completion of the sale, the insider now directly owns 133,902 shares in the company, valued at C$2,980,658.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 68,250 shares of Corning stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total transaction of C$1,515,832.50. Following the completion of the sale, the chief executive officer now owns 68,250 shares of the company’s stock, valued at C$1,515,832.50. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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